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Ooredoo and Etisalat in Maroc showdown

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South Korean telco KT Corp has withdrawn its bid for Vivendi’s 53% stake in Maroc Telecom, leaving the UAE’s Etisalat Group and Qatar’s Ooredoo as the only remaining contenders.

KT Corp decided to withdraw its bid owing to concerns about the costs of servicing debt for the deal and tax issues, according to a report from Reuters, which cited an internal note obtained from the operator.

In February, Reuters reported that Etisalat was looking to secure loans worth up to $8 billion to fund its bid for a 53% stake in the Moroccan operator.

Ooredoo, Qatar’s incumbent telecom operator, hired JP Morgan Chase to advise it on a potential bid for the stake, it was reported in December.

Vivendi is targeting at least EUR 5.5 billion ($7.14bn) for its 53% stake in Maroc Telecom.